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Govt Plans to Raise Surcharge-Free Limit for Wealth

According to sources at the finance ministry, the government intends to increase the surcharge-free threshold for wealth from Tk3 crore to Tk4 crore in the next fiscal year. While the tax rates will remain unchanged from the previous fiscal year, economists and experts argue that the government should revise the surcharge calculation method to ensure that wealthy individuals pay a fair share of taxes in the current economic climate. The finance minister is scheduled to present the budget for the upcoming fiscal year on June 1.

Presently, individuals with assets ranging from Tk3 crore to Tk10 crore, multiple cars, or more than 8,000 square feet of real estate in urban areas must pay a 10% surcharge. The surcharge rate increases to 20% for those with assets between Tk10 crore and Tk20 crore, and up to 35% for those with assets exceeding Tk50 crore. Critics suggest that evaluating assets based on current market prices would lead to a more equitable taxation system and generate increased revenue. The proposed change has sparked discussions regarding the number of taxpayers in the country and the responsibility of the wealthy to contribute more to the national economy.

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